Breaking News

Econet lashes out at banks on mobile money

by Business reporter
11 January 2013 | 6576 Views
ECONET Wireless Zimbabwe (Econet) has lashed out at banks for proposing amendments to government's banking reforms to include mobile money service providers, saying it was a selfish attempt by a clique of individuals to frustrate its operations.

Econet owns EoCash, a mobile payments service.

In his national budget statement Finance minister Tendai Biti said banks should, effective this year, not levy fees on deposits of less than US$800 and give 4% interest on deposits of at least US$1 000 held over 30 days. He also said banks should issue debit cards for free and scrap the deposit protection fund cap.

Bankers Association of Zimbabwe (Baz) said they would, among other things, incur huge losses as a result of the legal changes given that most of their income came from tariffs. In a position paper, Baz argued mobile money services should be bound by the same regulations in order to create a level playing field while recent media reports indicate bankers are lobbying for all mobile money services to be administered by a financial institution, otherwise they become direct competition to conventional banking.

Econet has responded by saying regulators should not be swayed by selfish interests of a minority group wishing to keep ordinary people from enjoying the benefits of their mobile money technology, while offering no meaningful alternative solutions or even willing to invest anything.

"Econet is aware there is a small number of individuals, mostly associated with one foreign-owned financial institution, who have lobbied intensely both before and after the introduction of this vital (EcoCash) service yet this very same institution, motivated only by what we believe is selfishness, has never shown any inclination whatsoever in its long existence in Zimbabwe to develop services that are inclusive and serve the majority of Zimbabweans," said the country's largest mobile network provider in response to businessdigest's questions.

"The so-called complaints of a small minority of banks are reminiscent of the complaints of the then PTC management when Econet founder Strive Masiyiwa was trying to introduce cellphones in Zimbabwe. If he had not fought tenaciously, over 10 million people would today not have access to a phone."




According to the mobile phone operator's statistics, EcoCash has enabled nearly two million Zimbabweans, the majority of who did not have bank accounts, to have access to basic financial services.

Most of the EcoCash subscribers live in rural areas where there are no banking facilities, making the facility their economic life line.

Econet EcoCash Mobile money Banks

Source: theindependent

Is Tsvangirai's BIG TENT leaking?

Yes
28.86%
No
31.3%
Not bothered
39.84%
246

Comments

Latest Classifieds (Click Here For More)

News Updates

Email:

Latest News

Jonathan Moyo, Kasukuwere CIA gay gangsters - Video - ZANU-PF Chairper...

by Staff reporter | 30 September 2014 | 1082 Views

MDC SA Welcomes SCA Ruling on the Rights of Asylum Seekers and Refugee...

by Kumbirai T Muchemwa, MDC SA Information and Publicity Secretary | 30 September 2014 | 1088 Views

Disabled couple blessed with triplets, appeals for assistance - A spe...

by Staff reporter | 30 September 2014 | 1307 Views

Woman demands her underwear in court

by Staff reporter | 30 September 2014 | 2104 Views

Woman exposes rapist hubby - A Nyamandlovu woman on the outskirts of B...

by Staff reporter | 30 September 2014 | 1662 Views

Man produces cheating wife, lover pictures in court

by Staff reporter | 30 September 2014 | 2405 Views

Privates swell after tightening attempt

by Staff reporter | 30 September 2014 | 2347 Views

Frantic account holders break bank doors demanding cash

by Loveness Bepete | 30 September 2014 | 1510 Views

Ebola centre releases first survivors in Sierra Leone

by VOA | 30 September 2014 | 713 Views

Mat'land South records TB deaths - MATABELELAND South Province has rec...

by Marvelous Moyo | 30 September 2014 | 514 Views

Woman drags stranger to court over child maintenance

by Lethokuhle Moyo | 30 September 2014 | 1426 Views

'We should promote our Zimbabwean products,' says MDC-T MP - THE bus...

by Loveness Bepete | 30 September 2014 | 817 Views

Zim needs over 2 000 schools - THE country is operating with a deficit...

by Loveness Bepete | 30 September 2014 | 483 Views

Zhuwao's wife slaps Temba Mliswa - EMBATTLED Zanu-PF Mashonaland West ...

by Staff reporter | 30 September 2014 | 1750 Views

Man accused of impregnating daughter (13) - A 36-year-old Chivi man ap...

by Staff reporter | 30 September 2014 | 1114 Views

Zimbabwe submits 2017 Afcon bid - Zimbabwe has decided to go it alone ...

by Staff reporter | 30 September 2014 | 957 Views

Bulawayo councillors gagged over Egodini tender - Bulawayo's multi-mil...

by Staff reporter | 30 September 2014 | 888 Views

Reduce roadblocks on highways - I concur with the idea of stopping tho...

by Concerned | 30 September 2014 | 1164 Views

Man hits wife with 10-month sex sanctions - A 41-year-old man has refu...

by Leonard Ncube | 30 September 2014 | 1859 Views

MDC-T protests, Mugabe beefs up security

by Staff reporter | 30 September 2014 | 1482 Views

Air Zimbabwe passengers stranded again

by Staff reporter | 30 September 2014 | 1039 Views

More Zimbabweans to be pushed out of formal jobs

by Staff reporter | 30 September 2014 | 990 Views

Grace Mugabe divides Zanu-PF

by Staff reporter | 30 September 2014 | 1412 Views

Mliswa insists he will continue to receive money from US

by Staff reporter | 30 September 2014 | 848 Views

Zimbabwe economy heads South - Zimbabwe's economy continues to weaken ...

by Staff reporter | 30 September 2014 | 883 Views

Nissan Zimbabwe loses franchise

by Staff reporter | 30 September 2014 | 1175 Views

Econet, Zimra to square off at court

by Staff reporter | 30 September 2014 | 551 Views

Beitbridge border post upgrade to cost $100 million

by Staff reporter | 30 September 2014 | 518 Views

Maid paid R100 to hold employer's daughter at knife point while being raped

by Mashudu Netsianda | 30 September 2014 | 1340 Views

Entertainment

Tuku Releases Lyrics for New Album Ahead of Launch

by Entertainment Reporter | 30 September 2014 | 325 Views

Mtukudzi to release new album - Music superstar Oliver "Tuku" Mtukudzi...

by Staff reporter | 29 September 2014 | 1291 Views

Parliament TV Channel in pipeline - PARLIAMENTARY debates might soon ...

by Staff reporter | 28 September 2014 | 1084 Views

Omkhula, the funniest guys I have ever seen - NOW that the Intwasa Ar...

by Christopher Mlalazi | 28 September 2014 | 2451 Views

Albert Nyathi collaborates with Shabalala Rhythm's Maqhinga Radebe - R...

by Bekezela Tshuma | 28 September 2014 | 825 Views

'Return of Mukanya' cancelled due to visa delays - THE much-awaited Th...

by Staff reporter | 27 September 2014 | 1694 Views

Thomas Mapfumo Leicester (UK) Show Cancelled

by Chimurenga Music Company | 27 September 2014 | 1479 Views

Mfundi Vundla writes out fired Generations cast members - GENERATIONS ...

by Bongani Ndlovu | 25 September 2014 | 5030 Views
iBlog